Welcome to No More Spending; how we manage our budget as we attempt to pay off our mortgage early, move abroad, and reach Financial Freedom by 2020. You can read more about this site here and subscribe to get all the latest updates sent to you by email or RSS feed here.  Thank you for visiting!

13 April 2009

What no debt reduction?!

I have a major issue with the one debt I have left; I can only make over payments once a month by debit card or cheque payment. There is no online access to this loan.

Before, with my other debts, making over payments throughout the month and reducing the balance, even a little, was my main motivation. Now I can't do it. Any snowflakes I get now have to be saved in the deposit account linked to my checking account and then sent all together once a month.

Not seeing my debt reduce between paydays is hard for me. It's making the wait for payday seem even longer and I'm worried that I'll lose motivation.

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4 comments:

  1. you are almost there - that is what will fuel your motivation!!! YOu can do it! We are all here to cheer you on too :)
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  2. Hey it all ends up going towards debt in the end, you just have to wait a little bit. Maybe step back and don't look at your debt totals as often.
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  3. Yeah, I know what you mean. I get paid once a month and end up sending one check to my debt. What I do, if I make a little extra money, is keep a running list of the little amounts so that it accumulates and is an even bigger check than I anticipated when I first wrote the monthly budget. You could also put the running tab on your site which would give you more motivation and have that "online" snowball affect.

    But either way, don't forget that each check and payment you're getting closer to becoming debt-free. :)
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  4. Thank you jpk :)

    Miss M..I'm trying not to look at the debt totals too much and look at the snowflakes building up in my e-saver instead; it's just a different way of thinking :)

    thanks myprettypennies; i took my extra income earned, snowflake, sidebar down, perhaps I should reinstate it :)
    ReplyDelete

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